chapterletterofcredit.ppt

Chapter 5 L/C Key terminologies irrevocable undertaking complying presentation deferred payment UCP 600 issuing bank confirming bank advising bank negotiating bank desinated bank/ nominated bank discrepancy 不可撤销的 约定，承诺 相符提示 延期付款 跟单信用证统一惯例 开证行 保兑行 通支行 议付行 被指定银行 不符 Supplement: UCP600 Article 1-5: General rules----Application of UCP, Definitions, Interpretations, independence of L/C Article 6-13: specify issuing, amendment of L/C, rights and liabilities of parties; Article 14-16: Standard for Examination of Documents, Complying Presentation, Discrepant Documents Article 17-28: documents: invoice, transportation documents, insurance policy. Article 29-32: payment Article 33-37: Exeception clause of banks Article 38: Transferable Credits Article 39: Assignment of Proceeds Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice. 相符提示意指与信用证中的条款及条件、本惯例中所适用的规定及国际标准银行实务相一致的提示。 2. Three-party Contractual Arrangement 1. The commercial contract between Applicant/buyer and Beneficiary/seller 2. The application between Applicant/buyer and Issuing bank/the buyer’s bank 3. The Letter of Credit between Issuing bank/the buyer’s bank and Beneficiary/seller At the request of Briston Imp Exp. Co, The Royal Bank of Scotland issued an L/C in favor of Nanguo Office Equipement Corp. Within the period of validity, Nanguo presents documents which are in full compliance with terms and conditions in L/C, but Briston Co. go bankrupt because of financial crisis. Can RBS take it as a reason to dishonor sellers presentation? Example： A credit stipulated that 50% of credit amount will be paid against the presentation of documents which have been complied with terms and conditions of the credit and the remaining 50% of credit amount will be paid on arrival of goods at destination which were corresponded with the description of goods in the contract.